Reuters Business News

The crash in U.S. crude prices has turned a reliable commodity less than worthless and given fresh urgency to bearish voices, who say it sounds alarm bells for global growth and are bracing for a catastrophic collapse in asset prices.

Texas Instruments Inc on Tuesday reported better-than-expected results for the first quarter but forecast current-quarter revenue and profit largely below Wall Street estimates, as the chip industry braces for a big hit from the coronavirus outbreak.

Snap Inc on Tuesday beat Wall Street estimates for quarterly revenue and user growth for its Snapchat app, as more people seek entertainment while they stay at home during the global coronavirus pandemic.

Fiat Chrysler Automobiles N.V. said on Tuesday it had drawn down on a 6.25 billion euro ($6.79 billion) credit line to buffer its cash reserves during the uncertainty around the coronavirus health crisis.

Chipotle Mexican Grill Inc on Tuesday reported that soaring digital and delivery sales driven by the coronavirus crisis helped offset the impact of shuttered dining rooms, and the fast-casual chain said it had enough cash and liquidity to get through the next year, sending its shares up more than 5%.

United Airlines Holdings Inc on Tuesday announced a public offering of 39.25 million shares aimed at raising more than $1 billion to help shore up capital in the midst of the coronavirus pandemic.

The U.S. Senate on Tuesday unanimously approved $484 billion in additional coronavirus relief for the U.S. economy and hospitals treating people sickened by the pandemic, sending the measure to the House of Representatives for final passage later this week.

A historic rout in oil markets sent U.S. crude prices plummeting to as much as minus $40 a barrel on Monday as traders rushed to get rid of unwanted stocks with storage capacity already overflowing amid a coronavirus-induced demand collapse.

General Motors Co said on Tuesday it is shutting down its Maven car-sharing unit, after suspending operations because of the novel coronavirus.

Uber Technologies Inc on Tuesday launched a website to help its ride-hail and delivery drivers navigate the intricate U.S. unemployment system, with many gig workers still waiting to receive jobless pay provided under a U.S. coronavirus response bill.

Boeing said on Tuesday it was naming chief financial officer Greg Smith to oversee a newly formed group that will consolidate several key operational areas.

Stock markets around the world fell on Tuesday, as a collapse in oil prices brought on by oversupply and a shortage of storage further exposed the depth of economic damage from the coronavirus outbreak and sent investors looking for shelter.

Texas Instruments Inc on Tuesday forecast current-quarter revenue and profit largely below Wall Street estimates after posting first-quarter results above expectations, as the chip industry braces for a big hit from the coronavirus outbreak.

United Airlines Holdings Inc on Tuesday announced a stock offering of 39.25 million shares, sending its shares down 3% in extended trading.

Texas oil and gas regulators in coming days are poised to decide whether to order larger producers in the state to shut in 20% of their output, wading into global oil politics as the coronavirus crisis slashes demand for oil .

Netflix Inc on Tuesday reported a surge in new sign-ups as audiences stayed in their homes to help fight the novel coronavirus and binged on series such as "Tiger King," but the company predicted a weaker second half of the year if quarantine orders are lifted.

Online lender LendingClub Corp said on Tuesday it would lay off 460 employees, including President Steven Allocca, as part of a restructuring plan to slash costs amid the economic fallout of the COVID-19 pandemic.

Chipotle Mexican Grill Inc on Tuesday reported a 16% drop in March same-store sales while online orders surged, as it was forced to keep stores closed because of the coronavirus pandemic.

A U.S. labor and activist coalition said employees of Amazon.com Inc would take off work starting on Tuesday to draw attention to what it says are unsafe conditions at warehouses during the coronavirus pandemic.

The $349 billion small business loan program passed last month as part of the federal coronavirus relief package discriminated against woman- and minority-owned businesses by prioritizing business with employees over those that do not, according to a lawsuit filed by two Maryland business owners.